Galaxy CEO Mike Novogratz said the deal reflects its view that AI compute demand is a structural shift.
- Galaxy acquired 500 acres for its second major AI and high-performance computing campus in Texas.
- The McGregor project is expected to generate 74 MW of capacity in its first phase, with plans to expand to a multi-hundred-megawatt facility through 2030.
- The buildout highlights Galaxy’s broader move away from Bitcoin mining and into AI and data center infrastructure, following the 1.6 GW Helios campus in Dickens County.
Shares of Galaxy Digital (GLXY) failed to recover in morning trade on Tuesday despite the company announcing it bought around 500 acres in McGregor, McLennan County, Texas, for a second artificial intelligence and high-performance computing data center campus.
GLXY stock fell over 10% during morning trade, to lows not seen since April, in tandem with the broader weakness seen within the crypto equity market. On Stocktwits, the retail sentiment around GLXY remained in the ‘neutral’ territory, while chatter around it shifted to ‘low’ from ‘normal’ over the past day.
The Acquisition
The firm announced a development agreement with the City of McGregor for the McGregor site to build and operate an AI and high-performance computing campus in the McGregor Industrial Park. The city collected some $7.5 million in revenue from the sale of the land.
The first phase of development is expected to be 74 megawatts (MW), just below ERCOT’s large load threshold of 75 MW, with power expected to flow in 2028 pending completion of development milestones. Galaxy believes the campus has the potential to scale into a multi-hundred-megawatt facility through 2030.
“The demand for compute is a structural shift, not a passing cycle, and we believe the right way to meet it is by building infrastructure that strengthens the communities that host it,” said Mike Novogratz, Founder and CEO of Galaxy.
Novogratz positioned McGregor as the next step in building a “disciplined, multi-campus data center business,” pointing to Galaxy’s Dickens County track record as proof that a privately funded campus can be a long-term economic partner to a rural community. Galaxy is the biggest employer and taxpayer in Dickens County.
From Bitcoin Mining To AI Infrastructure
Galaxy’s acquisition of McGregor arrives as the company, like many others, broadens its pivot away from Bitcoin (BTC) mining toward AI and high-performance computing infrastructure.
This campus marks Galaxy’s second big data center investment in Texas after its 1.6 GW Helios flagship in Dickens County that has become one of North America’s largest AI and HPC campuses.
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